Abstract: A process for producing ethanol which comprises reacting methanol, carbon noxide and hydrogen in the presence of (a) a catalyst containing a cobalt component, an iron component, a ruthenium component and an iodine component, (b) at least one organic solvent and (c) water, said catalyst comprising the cobalt component in amount of 0.1-500 milligram atom (mg-atom) in terms of cobalt per 1 mol of methanol, an iron component in amount of 0.01-4 atoms per 1 atom of cobalt in terms of metal, a ruthenium component in amount of 0.01-4 atoms per 1 atom of cobalt in terms of metal and an iodine component in amount of 0.05-20 atoms per 1 atom of cobalt is disclosed. According to the present invention, selectivity to ethanol is high and ethanol can be obtained under mild conditions.